What's the difference between FHA, conventional, VA, and USDA loans?

These four loan types fit different buyers. Conventional loans aren't government-insured, allow 3%–5% down, need roughly a 620+ credit score, and let you cancel PMI at 20% equity — best for buyers with decent credit. FHA loans are government-insured, accept lower scores (often 580 with 3.5% down) and higher debt ratios, but charge mortgage insurance that frequently lasts the life of the loan. VA loans, for eligible veterans and service members, offer 0% down, no monthly mortgage insurance, and competitive rates — usually the best deal if you qualify. USDA loans offer 0% down in designated rural and some suburban areas, with income limits. The right choice depends on your credit, savings, location, and military status. A loan officer can model the monthly cost of each. Compare them at wealthserene.com/tools/loan-program-finder.